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Stock Market & Financial Investment News

News Breaks
April 10, 2014
12:25 EDTRT, ALLY, BBBY, GM, IMPV, RAD, EBAYOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite U.S. jobless claims dropping to their lowest level since 2007. Stocks began the session slightly lower following disappointing trade data from China, but the market seemed to briefly try and make a move into positive territory shortly after the opening bell. The attempt was short circuited when the tech-heavy Nasdaq began to weaken and the averages have continued to drift lower throughout the morning, leaving the Nasdaq down more than 2% near noon. ECONOMIC EVENTS: In the U.S., initial claims for unemployment benefits fell to 300K last week, hitting their lowest weekly level since May 2007. However, many discounted the figure, which can be volatile around March and April due to the timing of Passover and Easter, as well as other seasonal factors. Export prices rose 0.8% in March, while import prices grew 0.6%, both of which were greater than expected advances. In China, exports fell 6.6% from a year earlier in March, while imports plunged 11.3%. Economists had predicted year-over-year gains for both. COMPANY NEWS: Shares of eBay (EBAY) fell over 2.5% after the online marketplace operator struck a deal with noted investor Carl Icahn to end his proxy contest before the company’s upcoming annual meeting. The company agreed to Icahn’s suggestion to appoint David Dorman, a founding partner of Centerview Capital Technology, as an independent director and Icahn withdrew both his proposal to separate the company’s PayPal business and his two nominees to the company’s board... Shares of Ally Financial (ALLY), which was formerly the auto finance and financial services arm of General Motors (GM), were lower in their first day of trading following the company's return to the public markets. The Treasury Department, which had been Ally’s majority shareholder after rescuing it during the 2008 financial crisis, raised $2.38 billion by selling 95M shares at $25.00. General Motors made news again as well by confirming that two of its engineers have been placed on paid leave as part of the company's ongoing ignition switch recall probe. MAJOR MOVERS: Among the notable gainers following their earnings reports were drugstore operator Rite Aid (RAD), which rose 10% and casual restaurant owner Ruby Tuesday (RT), which gained 13%. Among the noteworthy losers was home furnishings retailer Bed Bath & Beyond (BBBY), which dropped over 6% after the company's first quarter profit outlook significantly trailed analysts' consensus estimate and the stock was downgraded to Neutral at Bank of America Merrill Lynch. Also lower were shares of data security solutions provider Imperva (IMPV), which plunged 41% after the company slashed its first quarter profit and sales outlook and the stock was downgraded at both Deutsche Bank and Oppenheimer. INDEXES: Near midday, the Dow was down 124.91, or 0.76%, to 16,312.27, the Nasdaq was down 92.72, or 2.22%, to 4,091.18, and the S&P 500 was down 21.90, or 1.17%, to 1,850.28.
News For EBAY;GM;ALLY;RAD;BBBY;RT;IMPV From The Last 14 Days
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January 14, 2015
09:24 EDTGMGeneral Motors CFO says 'confident' in ability to raise dividends in future
General Motors' Stevens says "mindful" of potential need to use significant cash in 2015 on legal matters and that its planning keeps that potential in mind. General Motors CFO Chuck Stevens is speaking at the Deutsche Bank Auto Industry Conference.
09:16 EDTGMOn The Fly: Pre-market Movers
HIGHER: ZIOPHARM (ZIOP), up 53% after the company and Intrexon (XON) announced a licensing agreement with University of Texas. Intrexon shares are also up 12%... GameStop (GME), up 10.6% after reporting holiday SSS, providing guidance for the fourth quarter and fiscal 2014, and being upgraded at Pacific Crest... Smith Micro (SMSI), up 12.7% after reporting preliminary fourth quarter revenue and providing revenue guidance for the first quarter and fiscal 2015... BioCryst (BCRX), up 3.2% after receiving a positive opinion on EMA orphan drug designation for BCX4161... GoPro (GPRO), up 1% following analyst remarks that sell-off after yesterday's report on Apple (AAPL) patent was "overdone." DOWN AFTER EARNINGS: JPMorgan (JPM), down 2.7%... Wells Fargo (WFC), down 2.2%... Banking peers down as well, with Bank of America (BAC) down 2.8% and Citi (C) down 2%. ALSO LOWER: Tesla (TSLA), down 9% following comments made by CEO Elon Musk at an automotive conference in Detroit regarding a slowdown in China... New Media (NEWM), down 4.8% after 7M share spot secondary priced at $21.70... General Motors (GM), down 3% after giving 2015 guidance, saying it is on track to meet previously announced 2016 financial targets... Apple (AAPL), down 1% following lawsuit against Ericsson (ERIC) and countersuit filing.
08:03 EDTGMGeneral Motors to increase CapEx to $9B in 2015
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08:03 EDTGMGeneral Motors on track to meet previously announced 2016 financial targets
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08:02 EDTGMGeneral Motors sees adjusted EBIT and EBIT-adjusted margin to increase in 2015
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07:42 EDTEBAYEtsy looking to raise $300M with IPO as soon as this quarter, Bloomberg says
Etsy, which operates a website that allows people to sell handmade crafts, is working with Goldman Sachs (GS) and Morgan Stanley (MS) on an initial public offering that could come as soon as this quarter, said Bloomberg, citing people familiar with the matter. Etsy seeks to raise $300M via the offering, the report said. Publicly traded companies in the e-commerce space include Amazon.com (AMZN), eBay (EBAY), Alibaba (BABA) and zulily (ZU). Reference Link
07:34 EDTGMDeutsche Bank to hold a conference
2015 Global Auto Industry Conference is being held in Detroit on January 13-15 with webcasted company presentations to begin on January 14 at 7:15 am; not all company presentations may be webcasted. Webcast Link
January 13, 2015
13:56 EDTGMGM open to partnering with Google on self-driving cars, Time says
GM (GM) would be open to having a discussion with Google (GOOG) about jointly developing self-driving cars, GM Chief Technology Officer Jon Lauckner said, according to Time Magazine. Reference Link
10:17 EDTBBBYOptions with decreasing implied volatility
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07:25 EDTGMNew NHTSA head says 2015 may see more recalls than record-setting 2014, WSJ says
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06:18 EDTEBAYSilicon Valley shuttle drivers looking to unionize, USA Today reports
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January 12, 2015
14:36 EDTGMGeneral Motors to spend $12B to launch new Cadillac models, Bloomberg says
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13:31 EDTEBAYPayPal providing new credit options
eBay's PayPal earlier today announced that, for the first time, by leveraging new credit models retailers can customize PayPal Credit will offer a monthly payment option and decide on the number of months and interest rate that works best for their customers. They can also offer interest free options to customers shopping online who are approved in minutes, the payment service said. The new PayPal Credit feature works within the open-ended construct of the PayPal Credit product, allowing customers to divide their larger purchases into substantially equal monthly payments, PayPal stated. This gives consumers more control and helps them to better manage their budget, it added.
11:58 EDTALLY, GMAlly Financial could see 20% of originations hit by GM changes, says Jefferies
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11:05 EDTGMGM receives 141 more claims for faulty ignition switch compensation, Reuters say
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10:15 EDTBBBYOptions with decreasing implied volatility
Options with decreasing implied volatility: NBIX APOL NPSP BBBY INFY JCP MU TIF
07:35 EDTEBAYNational Retail Federation to hold a trade show
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06:24 EDTALLY, GMGM plans to use lending arm for subsized leases in the U.S., WSJ reports
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January 11, 2015
20:52 EDTGMGM Opel unit to build Buick models to sell in U.S., Reuters says
General Motors will announce that its Opel unit will manufacture a Buick version of the Opel Cascada for sale in the U.S., reports Reuters. Reference Link
17:59 EDTGMGeneral Motors plans to launch $30K EV rival to Tesla, WSJ says
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